The company first announced the launch of Diem (formerly Libra) in 2019, but regulatory pressure prevented Facebook from implementing its plans.
According to the Wall Street Journal, Meta Platforms Inc is closing its Diem Association division and selling the technology to Silvergate Corporation for $200 million.
In an attempt to gain regulatory approval, Facebook renamed its coin Diem and scaled down its ambitions to the United States - the company announced the release of a stable coin pegged to the dollar. Later, the project manager, David Marcus, left the company.
Meta and Silvergate have not yet commented on the news about the purchase of the project.
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